CBS Governor: Central Bank working to support exports via preferential exchange rates

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Damascus, SANA – Governor of the Central Bank of Syria (CBS) Adib Mayyaleh said that the CBS is working to support the exports sector via a preferential exchange rate that compensates exporters for increases in production costs, which will support agricultural and industrial production and allow for developing it.

In a statement on Monday, Mayyaleh said that citizens can file complaints to the CBS addressed directly to him if their requests for purchasing foreign currency are rejected by exchange companies that have purchased foreign currency for the purpose of intervention.

In the same context, the CBS issued a statement asserting that it’s monitoring developments in the exchange rate and continuing to intervene in the foreign currency market on daily basis, reiterating its readiness to meet all the market’s foreign currency needs for financing imports and for non-commercial purposes such as medical treatment and study.

The CBS stated that it set the import financing exchange rate at SYP 465 against the USD.

Hazem Sabbagh